DNZ buys Corinthian Drive building, conditional on development site

Published 13 August 2012

DNZ Property Fund Ltd has unconditionally agreed to buy the office building at 51 Corinthian Drive, Albany, for $12.9 million. Settlement is scheduled for 31 August.

Chief executive Paul Duffy said the 3297m² 3-level office building (plus basement parking) would be fully occupied, and 76% leased to Westpac (NZ) Ltd under a new 9-year lease.

DNZ also entered into a conditional agreement to buy a 1.4ha block of bare land that sits between the office building and 33 Corinthian Drive, which is owned by DNZ and occupied by ASB Ltd. Mr Duffy said this adjacent bare land offered a number of development opportunities.”

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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